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INCOME EARNED BUT NOT RECEIVED: Abbreviate IEBNR, this is the income earned by factors of production, but not received by members of the household sector. The three types of income earned but not received by the factors of production are Social Security taxes, corporate profits taxes, and undistributed corporate profits. In each case a factor of production has rightfully "earned" the income by contributing to valuable production contained in gross domestic product. However, because this income is not paid to the factor and it is not income received by the household sector. IEBNR is subtracted from national income to calculate personal income.

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Lesson 4: Production Possibilities | Unit 3: The Curve Page: 11 of 24

Topic: Slope and Cost <=PAGE BACK | PAGE NEXT=>

The slope of a line is measured by calculating the change in the value measured on the vertical axis divided by the change in the value measured on the horizontal axis.
  • Another way of saying this is to take the rise over the run.

    risechange in shoes
    slope =---- =--------------------------
    runchange in calibrators

  • Slope between I and J is -70. Rise is a decrease of 70. Run is an increase of 1.
The slope of the production possibilities curve is the opportunity cost of the good measured on the horizontal axis, which in our example is clock calibrators.

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COMMON-PROPERTY GOODS

Goods characterized by rival consumption and the inability to exclude nonpayers. Common-property goods are one of four types of goods differentiated by consumption rivalry and nonpayer excludability. The other three goods are private (rival consumption and nonpayers can be excluded), public (nonrival consumption and nonpayers cannot be excluded), and near-public (nonrival consumption and nonpayers can be excluded). Nonrival consumption and the ease of excluding of nonpayers means common-property goods cannot be efficiently exchanged through markets and are often overconsumed.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either shoe laces for your snow boots or a rim for your spare tire. Be on the lookout for jovial bank tellers.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. "

-- George Allen, U.S. senator

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